KUALA LUMPUR: Kobay Technology Bhd (Kobay) has proposed a private placement of up to 10 per cent of its issued shares to raise up to RM153.14 million.

       In a filing with Bursa Malaysia on behalf of the company today, RHB Investment Bank Bhd said Kobay plans to use the proceeds mainly to fund its new aluminium products manufacturing plant, partial repayment of bank borrowings and working capital for the group's manufacturing division.

       "As of Oct 29, 2021, the company has an issued share capital of RM102.103 million, comprising 306.28 million Kobay shares,” it added.

       Kobay Group is principally involved in the manufacturing of precision machined components, precision stamping, sheet metal parts, surface treatment, precision moulds, tooling and dies, semiconductor assembly and testing equipment, metal works and structures, modules and parts for oil and gas production and extraction equipment.

       The group plans to expand into the manufacturing of aluminium products such as aluminium frames for solar panels for renewable energy-related businesses. - Bernama